NIFTY
CLOSE- 7849.80 (29.04.16)
Market closed weekly in negative territory. It failed to extend on upside for wave-III or wave-C upward rally as anticipated in short term last week. It made a high of 7992 levels during week. It failed to sustain above these levels & fell sharply on down side. It facing resistance around 7990-8000 levels in short term. It made a low of 7788.70 levels at the end of weekly trading session. It closed near crucial support/reversal levels at the end of weekly trading session. One should watch out market behaviour around these crucial levels able to hold these levels will lead to possibility of further upward rally towards higher levels targets in near term.
Short term outlook for the market remains positive till nifty trades above 7770 levels & expecting targets in the range of 8080-8116 levels in short term, sustain above these levels will confirm further higher levels targets in medium term. Medium term out look for the market remains positive till nifty trades above 6825 levels & expecting targets in the range of 8336-8560-8650-9120 levels in medium term.
It looks like lost of momentum in market in short term. But wave-V up is still possible till short term reverses, then only this rally will complete which started from recent bottom of FEB-2016.
Momentum indicators daily KST & daily MACD both went in to sell showing weakness may create volatility in short term. Sustain below short term reversal levels will lead to sharp correction 7500/7400 levels in short term. One should be stock specific & follow the trend with stop loss levels till it reverses.
Stock Picks:
HDFC BANK: BUY
Close: Rs 1133.55
Target: Rs 1160/1200
Stop Loss: Rs 1116
HDFC BANK closed weekly in positive territory. It’s out performing in short term. Its showing sign of extension in short term. Risk reward is favourable to BUY at current levels. One can BUY with stop loss at Rs 1116 for the target of Rs 1160/1200 in short term.
ASHOK LEYLAND: BUY
Close: Rs 106.60
Target- Rs 112
Stop Loss: Rs 102
ASHOK LEYLAND closed weekly in positive territory. It’s still holding crucial support of 40 DMA. It has still wave-V up pending on daily chart. Risk reward is favourable to BUY at current levels. One can BUY with stop loss at Rs 102 for the target of Rs 112 in short term.
NTPC: BUY
Close: Rs 138.80
Target: Rs144
Stop Loss: Rs 135
NTPC closed weekly in positive territory. It looks like completion of wave-IV on daily chart. It’s holding crucial support of 20 DMA. Risk reward is favourable to BUY at current levels. One can BUY with stop loss at Rs 135 for the target of Rs 144 in short term.
Disclaimer: The analyst may have a position in the scrip mentioned above; the views given above are the personal views of the analyst.
The author is Portfolio Manager- PRO TECH-PMS at Sharekhan
CLOSE- 7849.80 (29.04.16)
Market closed weekly in negative territory. It failed to extend on upside for wave-III or wave-C upward rally as anticipated in short term last week. It made a high of 7992 levels during week. It failed to sustain above these levels & fell sharply on down side. It facing resistance around 7990-8000 levels in short term. It made a low of 7788.70 levels at the end of weekly trading session. It closed near crucial support/reversal levels at the end of weekly trading session. One should watch out market behaviour around these crucial levels able to hold these levels will lead to possibility of further upward rally towards higher levels targets in near term.
Short term outlook for the market remains positive till nifty trades above 7770 levels & expecting targets in the range of 8080-8116 levels in short term, sustain above these levels will confirm further higher levels targets in medium term. Medium term out look for the market remains positive till nifty trades above 6825 levels & expecting targets in the range of 8336-8560-8650-9120 levels in medium term.
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It looks like lost of momentum in market in short term. But wave-V up is still possible till short term reverses, then only this rally will complete which started from recent bottom of FEB-2016.
Momentum indicators daily KST & daily MACD both went in to sell showing weakness may create volatility in short term. Sustain below short term reversal levels will lead to sharp correction 7500/7400 levels in short term. One should be stock specific & follow the trend with stop loss levels till it reverses.
Stock Picks:
HDFC BANK: BUY
Close: Rs 1133.55
Target: Rs 1160/1200
Stop Loss: Rs 1116
HDFC BANK closed weekly in positive territory. It’s out performing in short term. Its showing sign of extension in short term. Risk reward is favourable to BUY at current levels. One can BUY with stop loss at Rs 1116 for the target of Rs 1160/1200 in short term.
ASHOK LEYLAND: BUY
Close: Rs 106.60
Target- Rs 112
Stop Loss: Rs 102
ASHOK LEYLAND closed weekly in positive territory. It’s still holding crucial support of 40 DMA. It has still wave-V up pending on daily chart. Risk reward is favourable to BUY at current levels. One can BUY with stop loss at Rs 102 for the target of Rs 112 in short term.
NTPC: BUY
Close: Rs 138.80
Target: Rs144
Stop Loss: Rs 135
NTPC closed weekly in positive territory. It looks like completion of wave-IV on daily chart. It’s holding crucial support of 20 DMA. Risk reward is favourable to BUY at current levels. One can BUY with stop loss at Rs 135 for the target of Rs 144 in short term.
Disclaimer: The analyst may have a position in the scrip mentioned above; the views given above are the personal views of the analyst.
The author is Portfolio Manager- PRO TECH-PMS at Sharekhan